Shares of the Mumbai-based educational book publisher rose as much as 6.1 percent to Rs 129.50 after its board approved buyback of up to 46.9 lakh shares or 2.01 percent equity at Rs 160 per share, Navneet Education said in an exchange filing.

Shares of the Anil Agarwal-led metal conglomerate rose as much as 3.4 percent to Rs 222.50 after the National Green Tribunal formed a panel on reopening Vedanta's Tuticorin copper unit.

National Green Tribunal said:

Panel to take decision on reopening Vedanta's Tuticorin copper unit in 6 weeks.

Tamil Nadu, Vedanta can challenge panel's decision

Source: Bloomberg

Rupee Extends Gains, Rises To 69.60/$

Indian rupee extended gains and rose as much as 0.8 percent or 56 paise to 69.60 per dollar.

Capital Goods Index Surges Most In Nine Months Led By L&T

A gauge of capital goods companies on the BSE was the top sectoral gainer.

The measure rose as much as 3.8 percent, the most since October 2017, to 18,537 led by gains in Larsen & Toubro, Elgi Equipments and Havells India.

Need To Bring Back Trust In The Banking Industry, Says SBI Chairman

Rajnish Kumar, chairman of the State Bank of India in Mumbai said because of the stress in the banking sector the atmosphere has gotten vitiated and this is why there has been a trust deficit in the system.

Key highlights from Rajnish Kumar’s speech:

Need to bring back the trust in the banking industry and good business leaders

Rate of interest on fixed deposits (FDs) being offered by banks are lower than the returns on other financial products and that is the reason behind a drop in deposit growth

There are eleven banks are under Prompt Corrective Action (PCA) framework and they have not been able to participate in credit growth

There is a need to take into consideration any probable delays in repayments when loans are being approved

Sensex Extends Gains, Tops 38,300 For First Time

India's S&P BSE Sensex extended gains and rose over 350 points to trade above 38,300 for the first time.

Market Check: Sensex, Nifty At Record Highs Led By L&T

Indian equity benchmarks rose to record highs led by Larsen & Toubro, Reliance Industries and HDFC twins.

The S&P BSE Sensex rose as much as 0.9 percent or 334 points to a record high of 38,282 and the NSE Nifty 50 index climbed 0.7 percent or 81 points to 11,552.

Mid-cap stocks were witnessing good buying interest as the S&P BSE MidCap index advanced over a percent.

The overall market breadth was positive as 1,479 shares were advancing while 1,072 were declining on the BSE.

India’s yield curve is undergoing bullish steepening—the yield curve correlates positively with stocks. Compare this to say the U.S. where bond markets are pointing to a recession in the coming quarters.

Domestic equity flows are in the midst of a structural uptrend, resulting in a persistent bid for stocks.

Improving growth underpins a shift in factor performance to growth from quality or value—different other places such as the U.S., where the Morgan Stanley strategist thinks the market is likely moving from growth to value.

Key Risks

A recovery in emerging markets can end India’s outperformance; a collapse can lead India to fall like quality stocks do when in a bear market.

The election cycle which brings its own set of uncertainties such as inflation or fiscal slippage.

Relative valuations are nudging higher, making the market less attractive, especially if the pace of the recent outperformance persists.

Goa Carbon Locked In 5% Upper Circuit On Resuming Operations

Shares of the calcine and refine maker were locked in a five percent upper circuit at Rs 795.25 after it resumed operations at Goa plant upon completion of the maintenance work, the company said in an exchange notification.

Mangalore Chemicals And Fertilizers Surges On Environmental Clearance For Plant

Shares of the Bengaluru-based fertiliser maker rose as much as 17 percent to Rs 64.90 after ministry of environment, forest and climate change gave environmental clearance for project expansion and modernisation of fertliser plant, Mangalore Chemicals said in an exchange filing.

RIL Rises On Report Of Alibaba JV With Reliance Retail

Shares of the Mukesh Ambani-led company rose as much as 1.3 percent to Rs 1,219.30 after a report suggested that Alibaba may invest $5 billion in Reliance Retail to challenge the dominance of Flipkart and Amazon in India’s e-commerce market, The Mint reported citing two unidentified people aware of the matter.

Infosys Slumps Most In A Month After CFO’s Resignation

Shares of the country's second largest IT company fell as much as 3.97 percent, the most on over a month, to Rs 1,373.50 after its Chief Financial Officer Mavinakere Dwarakanath Ranganath resigned to “pursue professional opportunities in new areas”.

The board of directors in a meeting on Saturday accepted Ranganath’s resignation and said the search for the next CFO will start immediately. Ranganath will continue in his current position as the CFO till Nov. 16, Infosys said in an exchange filing.

Larsen & Toubro Surges Most In 9 Months On Share Buyback Proposal

Shares of the country's largest infrastructure construction company rose as much as 4.9 percent, the most in over nine months, to Rs 1,300.95 after it informed exchanges that its board will meet on Aug. 23 to discuss share buyback proposal.

Opening Bell: Nifty Tops 11,500 For The First Time

Indian equity benchmarks rose to record highs led by Larsen & Toubro after it announced that its board will meet on Aug. 23 to consider share buyback proposal.

Currency depreciation to add to existing pressures in the corporate and banking sectors.

Money Market Heads Up: Rupee Seen Opening Around 69.75/$

Market will reopen after a holiday on Friday, with last week witnessing solid movement following the crisis in Turkey.

The rupee weakened about 0.4 percent to end at 70.16 on Thursday when it touched an all-time low of 70.39, breaching the earlier low of 70.08 reached on Tuesday.

The implied opening from forwards suggests spot may start trading at around 69.7550 on Monday.

In the bond market, securities could open higher after the RBI minutes suggested the central bank may opt for a pause after back-to-back interest-rate hikes to assess its impact on economic activity.

Governor Urjit Patel who led the MPC in increasing rates for the second time since June to curb inflation, said domestic growth indicators were reasonably strong but there is a rising threat from trade wars, which could potentially impact domestic investment and hit India’s exports. The benchmark 10-yr yield rose 4 basis points to end at 7.86 percent on Thursday.

Brokerage Radar: Dalmia Bharat, Elgi Equipment Rated New Buys

BofAML on Dalmia Bharat

Initiated ‘Buy’ with a target price of Rs 3,335.

Best placed for 'Housing for All' on higher share in east.

Cost controls to keep profitability above average of peers.

Premiumisation, acquisitions to spur EPS growth and return on equity.

Ongoing litigation for Binani Cement acquisition remain an overhang.

ICICI Direct on Elgi Equipment

Initiated ‘Buy’ with a target price of Rs 350.

Aspiring market leader with solid fundamentals.

Indian manufacturing cycle uptick to strongly benefit Elgi.

Sustained turnaround in foreign subsidiaries remains key.

Expect revenue, operating income and net profit to grow at a compounded annual growth rate of 18 percent, 22 percent and 29 percent over FY18-20.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.33 percent to 11,515 as of 7:08 a.m.

Asian equities open mixed Monday as traders look for clues from earnings reports, developments in the trade war and a meeting of central bankers in Jackson Hole later in the week to gauge the outlook for markets.

Japan’s shares were off to a muted start, while South Korea’s equities rose and futures indicated Hong Kong shares may open with small declines.